Ghana’s state-owned enterprises return to profit with GH¢19.8bn gain in 2025 — SIGA
Ghana’s state-owned enterprises (SOEs) recorded a consolidated net profit after tax of GH¢19.80 billion in the 2025 financial year, ending four consecutive years of net losses, according to the State Interests and Governance Authority (SIGA).
Ghana's state-owned enterprises (SOEs) returned to profitability in the 2025 fiscal year, recording a consolidated net profit of GH¢19.80 billion, marking a significant turnaround after four consecutive years of losses, according to the State Interests and Governance Authority (SIGA). Total SOE revenue expanded by 28.12%, reaching GH¢176.43 billion from GH¢137.64 billion in 2024.
The SOE sector's performance was primarily driven by growth in agriculture, manufacturing, and infrastructure, with revenue increasing by 203.71%, 114.74%, and 92.24%, respectively. Despite the overall recovery, SIGA cautioned that financial risks remained concentrated in certain enterprises, with five SOEs reporting losses every year from 2021 to 2025.
Joint venture companies and other state entities also faced financial challenges, with combined net deficits widening from GH¢2.18 billion in 2024 to GH¢10.48 billion in 2025. The improved economic environment, characterized by strong GDP growth, reduced public debt, and favorable exchange rates, supported the SOEs' resurgence. However, the sector still faces fiscal exposure arising from outstanding government loan guarantees and contingent liabilities.
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